The Fintech Pledge 2025 is gathering pace in its aim to help improve financial wellbeing in the UK.
The campaign unites the UK fintech industry and strategic partners, with a primary objective to improve consumers’ financial resilience through achieving 10 million consumer ‘actions’ by 2025 .
Led by Zopa, ClearScore, and The Money Charity, the campaign’s membership is at 37 and growing. As of July 31st, 2023, these members have collectively achieved over 6.61 million positive actions.
Wealth Wizards is one of the fintechs which have committed to the pledge and CEO Ben Hampton is urging other fintechs to get behind the pledge.
Explaining the firm’s alignment with the Pledge and its commitment to improving financial well-being in the UK, Ben Hampton, CEO of Wealth Wizards, says: “The Fintech Pledge 2025 aligns perfectly with Wealth Wizards’ mission to enhance financial well-being in the UK. The ongoing cost-of-living crisis has highlighted the importance of this Pledge for households and individuals nationwide.
“Our solutions aim to help everyday people across the UK. We partner with financial advice firms, banks, pension providers and employers to improve the UK’s relationship with money. Although the Fintech Pledge 2025 members have made significant progress towards the target of 10 million actions, there is still much to be done.
“This campaign can potentially bring positive, impactful societal change at a time when the Regulator is looking to increase access to help through the advice guidance boundary review.”
Actions contributed by Wealth Wizards include the addition of a state benefits calculator within its Financial Wellbeing software used by institutions and employee benefit companies, branded as MyEva.
This checks for user eligibility for 32 UK state benefits, and 52% of users have found themselves eligible for at least one benefit. The average entitlement amounts to over £3,000 a year, per person.
By comprehensively gauging an individual’s financial circumstances and confidence regarding money, MyEva not only aids in financial management but also boosts their overall empowerment and well-being. Through the innovative money confidence assessment, MyEva further enhances employees’ understanding of their attitudes towards money and the driving forces behind their financial decisions. This understanding enables MyEva to tailor experiences effectively and guide employees towards improved outcomes.
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